Retired CEO was said to be too focused on his yacht - Trade Only Today

Retired CEO was said to be too focused on his yacht

Author:
Updated:
Original:

Shortly before Louis Chenevert, CEO of manufacturer United Technologies Corp., abruptly retired, he made a side trip to Taiwan to check on the construction of his 110-foot yacht.

The move, according to a report by The Wall Street Journal, came amid concerns by directors and senior managers that he was disengaged from the details of the conglomerate’s operations and too focused on private interests, including his yacht.

Top managers at the industrial units of United Technologies, which makes Pratt & Whitney jet engines, Sikorsky helicopters, Otis elevators and Carrier air conditioning units, complained that they were having difficulty getting adequate access to the CEO when they needed it, according to the report.

“It wasn’t a crisis,” Edward Kangas, formerly the lead independent director of UTC, said in a statement. “It was just a growing issue and concern which caused me, with counsel from the board, to discuss with Louis his priorities — personal and business,” according to a report by Bloomberg.

Related

Yanmar Brings Diesel Power to Wake Boat Segment

Engine manufacturer offers first fully integrated diesel option in partnership with Nautique.

GOST Unveils Updates Ahead of FLIBS

Marine security leader teases updated interface and more powerful satellite tracking antennas.

Virtual Edition of Metstrade Boat Builder Awards Announced for 2020

The awards will acknowledge challenges and resolve of the marine industry during the pandemic.

Mercury Marine and Beneteau Partnership Goes Global

Beneteau buyers around the world will now have Mercury for a power option.

Quick Hits: October 23, 2020

Brunswick pontoon facility earns award; Kemah Capital enters marine.

Brunswick Corp. Appoints New President

Aine Denari is an automotive industry veteran with vast experience in leading-edge mobility systems.

Menhaden Quotas Reduced

Sportfishing groups applauded the move, saying it will help rebuild the striped bass population.

Winnebago Reports Q4, Fiscal 2020 Results

Revenue grew 18.6 percent for the year to $2.4 billion.

Quick Hits: October 22, 2020

Tiara Yachts honors top dealers; Smoker Craft donates to MRAA; ICOMIA issues state of the industry.